Consortium plans $600mn investment in Africa’s education sector
The new company will be part of the SABIS network, which operates schools around the world with nearly 65,000 students.
An alliance between private investment firms, Investbridge Capital and Centum Investment Group, together with global education network, SABIS, plans to launch a school expansion programme in Africa. The alliance will form a new company that will initially invest about $600 million on schools in East Africa and Egypt over the next three to five years. The new company will be part of the SABIS network, which operates schools in 16 countries and caters to nearly 65,000 students around the world.
IBC’s Executive President, Mark De Sario, said "The alliance will build and operate more than 20 schools in Africa, at an estimated cost of between $20 million and $30 million each."
The announcement comes just one month after a summit of Sub-Saharan African countries, where leaders vowed to support more public-private investment initiatives in the education sector. Currently, most African countries allocate around 2-5% of their gross domestic product to education.
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By 2020, the World Bank expects to invest at least $2.5 billion in education projects targeting adolescent girls.
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